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NEW DATA: Oxford Economics finds Durbin-Marshall Credit Card Mandates would hurt local economies, costing $227 billion and 156,000 jobs across the country.
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THE TOP

Happy Monday morning from Washington and Jerusalem. And welcome to May.
Breaking overnight: First Republic Bank has been taken over by federal regulators and will be sold to JPMorgan Chase. Here’s a Bloomberg story detailing what happened. This is the second-largest bank failure in U.S. history, and the FDIC will “take a hit of $13 billion,” per the WSJ. The FDIC is providing $50 billion in financial support to JPMorgan Chase.
Jake’s dispatch from Jerusalem: Speaker Kevin McCarthy and a group of lawmakers have arrived in Israel for a visit to mark the 75th anniversary of the country’s founding.
McCarthy is joined by Rep. Steny Hoyer (D-Md.), who is on his 19th visit to Israel.
This trip is notable for a couple of reasons:
No. 1: McCarthy will become the second House speaker to address the Knesset. Newt Gingrich spoke to the chamber in 1998 for Israel’s 50th anniversary. McCarthy’s speech is this afternoon — morning in Washington — and we’ll be covering it live from the plenary room in Jerusalem. McCarthy will also hold a news conference in Jerusalem.
No. 2: The group traveling with McCarthy includes senior members and close allies of the speaker. Members on the trip include: Rep. Garret Graves (R-La.), a key figure in the debt limit debate; House Natural Resources Committee Chair Bruce Westerman (R-Ark.); Reps. Josh Gottheimer (D-N.J.) and Brian Fitzpatrick (R-Pa.), the co-chairs of the Problem Solvers Caucus.
The other lawmakers traveling with the speaker are: Reps. Jimmy Panetta (D-Calif.), Lloyd Smucker (R-Pa.), Andrew Garbarino (R-N.Y.), Julia Letlow (R-La.), Anthony D’Esposito (R-N.Y.), Erin Houchin (R-Ind.), Thomas Kean Jr. (R-N.J.), Nick LaLota (R-N.Y.), Greg Landsman (D-Ohio), Michael Lawler (R-N.Y.), Rob Menendez (D-N.J.), Max Miller (R-Ohio) and Jared Moskowitz (D-Fla.).
What to expect this week
The Federal Open Market Committee will meet Tuesday and Wednesday. Another interest rate hike is expected, this one in the 25 basis point range. Federal Reserve Chair Jay Powell will hold a press conference on Wednesday afternoon.
Back on Capitol Hill, the Senate will take up a number of President Joe Biden’s judicial nominees, but we don’t expect any action on Julie Su.
Su, currently the acting secretary of Labor, was cleared by the Senate HELP Committee last week. But several moderate Democrats — Joe Manchin of West Virginia, Jon Tester of Montana and Kyrsten Sinema (I-Ariz.) — haven’t announced how they’ll vote on Su. With Sen. Dianne Feinstein (D-Calif.) still absent, any Democratic defection would sink Su. The White House is attempting to round up the votes for confirmation.
Here’s a White House official:
“Julie Su advanced out of committee last week with unanimous support from Senate Democrats and we’re looking forward to her consideration on the floor in the near future.”
Su was confirmed in July 2021 as deputy secretary of Labor by a 50-47 margin. She faced questions over widespread fraud problems while running California’s unemployment insurance agency during the Covid-19 pandemic. The state paid out billions of dollars in fraudulent payments.
Meanwhile, Senate Majority Leader Chuck Schumer will continue to slam House Republicans’ Limit, Save, Grow Act, passed on a party-line vote last Wednesday.
In a new “Dear Colleague” letter obtained by Punchbowl News, Schumer says Senate committees will hold hearings on the Republican legislation. The bill didn’t go through regular order in the House. Instead, the legislation was drafted by McCarthy and other senior House Republicans following consultations with their rank-and-file.
Here’s Schumer from the letter:
“This bill was hastily drafted and forced through the House at a break-neck speed. Not a single Committee of jurisdiction held a hearing or a mark-up on a bill that would fundamentally remake American society. The Senate will show the public what this bill truly is. Beginning this week, our Committees will begin to hold hearings to expose the true impact of this reckless legislation on everyday Americans. On Thursday, the Budget Committee will hold a hearing on the Default on America Act.”
We also expect Senate Republicans to call up one or more Congressional Review Act resolutions for a vote. One possible choice — blocking the U.S. Fish and Wildlife Service’s decision to list the lesser prairie-chicken species as threatened or endangered under the Endangered Species Act. This is a long-running political dispute that goes back to the 1990s. This CRA resolution is being pushed by Sen. Roger Marshall (R-Kan.).
Hearings to keep an eye on: The Senate Judiciary Committee will have a hearing on Supreme Court ethics reform Tuesday at 10 a.m. Director of National Intelligence Avril Haines and Lt. Gen. Scott D. Berrier, head of the Defense Intelligence Agency, will testify in front of Senate Armed Services about worldwide threats.
– Jake Sherman and John Bresnahan
PRESENTED BY ASTRAZENECA
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DUES CORNER
Inside the DCCC dues report
It’s DCCC dues time. At Punchbowl News, we love digging into which House Democrats have paid up their allotted amounts to the campaign arm. We find it’s a fascinating way to see which members are trying to raise their profile within the caucus.
Check out the latest numbers, which cover the first three months of 2023, here. Some notable facts to flag:
House Minority Leader Hakeem Jeffries has now paid 100% of his $1.1 million dues goal. In the last dues report, Jeffries was halfway to his goal. Jeffries has also raised $26.7 million for the DCCC.
Behind Jeffries in the fundraising race is DCCC Chair Suzan DelBene, who has raised $12.3 million. House Minority Whip Katherine Clark has raised $3.8 million for the DCCC, House Democratic Caucus Chair Pete Aguilar has raised $2.9 million and House DPCC Chair Joe Neguse has raised $1 million.
Former Speaker Nancy Pelosi has raised $4.5 million and House Assistant Democratic Leader Jim Clyburn has brought in $1.8 million.
Rep. Jared Huffman (D-Calif.) has earned the prestigious title of the only member outside of leadership to pay all of his dues. The California Democrat has already paid his allotted $190,000.
Six members — Reps. Alma Adams (D-N.C.), Pramila Jayapal (D-Wash.), Jason Crow (D-Colo.), Raja Krishnamoorthi (D-Ill.), Don Beyer (D-Va.) and David Trone (D-Md.) — have paid between 51% and 99% of their DCCC dues.
Twenty-two members are in the 25% to 50% range, 78 are in the 1% to 24% category and 65 members haven’t paid a cent in dues yet.
— Max Cohen

State holds classified Afghanistan briefing for House panel
News: The State Department held a classified briefing for the House Foreign Affairs Committee last Thursday to discuss concerns raised by embassy officials in Kabul ahead of the U.S. withdrawal from Afghanistan in 2021.
Foreign Affairs Committee Chair Michael McCaul (R-Texas) is locked in a dispute with Secretary of State Antony Blinken over access to the Kabul dissent cable written just prior to the chaotic American pullout. McCaul has subpoenaed the State Department for access to the document, but he’s been rebuffed by Foggy Bottom.
State offered this briefing instead, which McCaul made clear does not represent compliance with his subpoena.
And the briefing didn’t seem to satisfy other HFAC Republicans. According to a staffer familiar with the briefing, members had a number of outstanding questions. Republicans still maintain they want to see the actual dissent cable and State’s response.
Democrats on the committee view the issue differently. A Democratic committee aide said the briefing showed that “the State Department agreed with the urgency and importance of the dissenters’ concerns and took concrete, immediate steps to address the recommendations they raised.”
As we’ve reported, McCaul pushed back the subpoena deadline for the cable to today. We’ll keep you posted on whether State complies.
— Max Cohen
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THE INNOVATORS

On Friday, Punchbowl News hosted The Innovators, our kickoff event for White House Correspondents’ Dinner weekend. The event celebrated innovators across industries in business, travel, media and more through our partner activations and our signature gifting experience. Anna Palmer, CEO and founder of Punchbowl News, Glenn Fogel, CEO of Booking.com, Erica Terry Derryck, vice president of communications for the small business and self employed group at Intuit and Shelley Zalis, CEO of The Female Quotient, gave remarks. Check out more photos from the event here!
Raising a glass: California Gov. Gavin Newsom, Small Business Administrator Isabel Guzman, British Ambassador to the U.S. Dame Karen Pierce, Democratic Whip Katherine Clark, Reps. Angie Craig (D-Minn.), Debbie Dingell (D-Mich.), Kevin Hern (R-Okla.), Sara Jacobs (D-Calif.), Austin Scott (R-Ga.), and David Trone (D-Md.), Meena Harris of Phenomenal, Harvey Mason Jr. of The Recording Academy, Michael Kennedy, Derrick Plummer, Paul Lindsay, Alex Sanchez, Kacey Schneider, Tania Mercado, and Mbessin Sonko of Intuit, Maryam Mujica, Angela Cavis, Peter Millones, and Lara Tennyson of Booking.com, and Talia Bender-Small of The Female Quotient.
A slight majority of lawmakers worry about financial risk after bank failures

This morning, First Republic Bank was taken over by federal regulators and sold to JPMorgan Chase. It’s the second largest bank failure in U.S. history.
Before this stunning collapse, our Canvass survey showed that Congress had kinda-sorta moved on from other recent bank failures — if the results of our latest survey of top Hill staffers are an indication of where legislators stand.
Just a little more than half of lawmakers (52%) were worried about the potential for systemic financial risk following the collapses of Silicon Valley Bank and Signature Bank in March, The Canvass survey found. About 29% of respondents said their bosses were unconcerned. The survey was conducted April 3-21 in partnership with Locust Street Group.
The bank failures quickly prompted calls for Congress to expand federal deposit insurance above the current $250,000 threshold. Turns out there’s not much support in Congress for such a move. Just a quarter (26%) of respondents said their lawmakers would back legislation to raise the deposit insurance cap.
Still, many lawmakers (45%) support the Biden administration’s decision in March to guarantee the uninsured deposits of SVB and Signature Bank customers. But that’s where it ends — for now at least. Nearly two-thirds (58%) of respondents said Congress is unlikely to pass legislation addressing the bank failures.
That doesn’t bode well for a bill introduced in the Senate by Democrats Elizabeth Warren (Mass.), Cory Booker (N.J.) and Bob Menendez (N.J.) aimed at preventing another bank industry disaster. The legislation would repeal parts of the GOP’s Trump-era regulatory rollbacks that Democrats say removed “critical oversight and capital requirements” for large banks.
– Elvina Nawaguna
MOMENTS
9 a.m.: President Joe Biden will get his daily intelligence briefing.
Noon: Biden and Vice President Kamala Harris will speak in the Rose Garden to mark National Small Business week.
2:30 p.m.: The Bidens will host Ferdinand Marcos Jr., the president of the Philippines, at the White House.
3 p.m.: Karine Jean-Pierre will brief.
5:30 p.m.: Biden will host a reception for Eid-al-Fitr.
CLIP FILE
NYT
→ | “Explosions Over Kyiv as Ukraine Braces for Broad Russian Attack,” by Marc Santora and Malachy Browne in Kyiv, Ukraine |
→ | “Pope Reveals He’s Working on Secret ‘Mission’ of Peace in Ukraine,” by Jason Horowitz in Budapest, Hungary |
WaPo
→ | “For Biden, navigating the debt ceiling is an early test of his 2024 strategy,” by Dan Balz |
→ | “Tim Scott signals May 22 for official presidential campaign launch,” by Marianne LeVine in Charleston, S.C. |
WSJ
→ | “Epstein’s Private Calendar Reveals Prominent Names, Including CIA Chief, Goldman’s Top Lawyer,” by Khadeeja Safdar and David Benoit |
Politico
→ | “New York Stock Exchange exec mulling Michigan Senate bid,” by Ally Mutnick |
Editorial photos provided by Getty Images.
PRESENTED BY ASTRAZENECA
While implementing the Inflation Reduction Act, CMS must preserve innovation in life-saving treatments and medicines for hard-to-treat rare diseases and cancer and/or those with high unmet need. Too narrow of an interpretation by CMS could leave people living with cancer and rare diseases without desperately needed treatment options.

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NEW DATA: Oxford Economics finds Durbin-Marshall Credit Card Mandates would hurt local economies, costing $227 billion and 156,000 jobs across the country.